Economy & Business
Launched in 2022 at the initiative of President U.Khurelsukh, Mongolia’s “Food Revolution” movement has been actively implemented to strengthen national food production. Under this initiative, the State Great Khural adopted Resolution No. 36 to support domestic manufacturers through targeted policies and concessional loans. Last week, President U.Khurelsukh
Economy & Business
Google Pay, one of the world’s most widely used digital payment systems, has been officially introduced in Mongolia, giving Android and Wear OS users a faster and easier way to make payments. The launch follows last year’s rollout of Apple Pay by Golomt Bank and Trade and Development
Economy & Business
Prime Minister G.Zandanshatar first held an online meeting, then an in-person discussion with K.Jackson, Director of the Copper Group at Rio Tinto. The two sides noted the successful start of negotiations launched last month to reduce loan interest and management fees, and exchanged views on increasing the project’
Economy & Business
Narantuya, a former Member of Parliament from the Democratic Party (DP) and regarded as one of the party’s most influential figures, was one of the last appointees made under the previous coalition government between the Mongolian People’s Party (MPP) and the DP. The bank’s newly restructured Board
Economy & Business
The Asian Development Bank (ADB) has announced $475 million in financing for the Government of Mongolia to implement four major projects aligned with the country’s medium- and long-term development strategies. The projects include: 1. Improving and Strengthening Provincial Health Services – aimed at enhancing access to quality healthcare in regional
Economy & Business
The Government of Mongolia has officially begun negotiations with the Rio Tinto Group regarding the Oyu Tolgoi project agreement. These talks are part of the scheduled review that takes place every seven years to assess the appropriateness of the project’s shareholder loan interest rates. During the first phase of
Economy & Business
National airline MIAT will begin direct flights between Ulaanbaatar and Singapore on November 4, marking its 15th international route. Since the start of 2025, MIAT has operated 3,526 flights and carried 983,000 passengers, a 2.7% increase compared to the same period last year.
Economy & Business
Leading textile producer Gobi JSC’s plan to become a private (closed) company has been temporarily halted by the Financial Regulatory Commission (FRC) following an inspection. According to the FRC, the company engaged in a conflict-of-interest transaction in 2019 when purchasing shares of its competitor, Goyo LLC, for 161 billion
Economy & Business
Global rating agency S&P has upgraded Mongolia’s sovereign credit rating from “B+, Positive” to “BB-, Stable.” This improvement is expected to lower the country’s international borrowing costs and strengthen investor confidence. This marks Mongolia’s highest rating in 13 years. Recently, Fitch and Moody’s had
Economy & Business
The global credit agency Moody’s has upgraded Mongolia’s sovereign credit rating from B2 to B1, while maintaining a stable long-term outlook. This marks the country’s highest rating since 2014. Moody’s cited several factors behind the improvement, including stronger debt management, greater fiscal discipline, and early signs
Economy & Business
Prime Minister G.Zandanshatar visited the construction site of Mongolia’s oil refinery project located in Altanshiree soum, Dornogovi Province. The project, launched in 2018, is being implemented with $1.7 billion in financing from the Government of India and has now reached 50 percent completion. Once operational, the refinery
Economy & Business
According to the National Statistics Office, Mongolia’s nationwide inflation reached 9.0 percent in September 2025. This means that the average prices of goods and services increased by 9 percent compared to the same period last year. Economists noted that in September 2024, inflation stood at 6.3 percent.